Bush Tracks Underbelly

President Bush at the Union League Club of Chicago today (Jan 8, 2008) (link):

For example, the housing market. What's interesting about the housing market is that, you know, in the old days you'd sit down with your lender and work out a deal; and then if you came on a hard time and you're still credit-worthy, then he would help you refinance the loan. Well, those mortgages that have been made in recent times have been bundled up into financial instruments and sold. So it's hard to get the borrower and the lender face-to-face to help the borrower stay in the home. That's the challenge.

See Underbelly last April 3 (link), April 10 (link), April 22 (link).